Serve Robotics (NASDAQ:SERV) Shares Up 10.6% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded up 10.6% on Friday . The company traded as high as $19.18 and last traded at $18.47. 7,166,470 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 11,491,188 shares. The stock had previously closed at $16.70.

Analyst Upgrades and Downgrades

Several brokerages have commented on SERV. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The business’s 50 day simple moving average is $15.34 and its 200 day simple moving average is $11.72.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The business had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. On average, equities analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently modified their holdings of SERV. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth $26,000. Blue Trust Inc. acquired a new stake in Serve Robotics during the 4th quarter worth approximately $27,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics during the fourth quarter worth about $37,000. Bfsg LLC bought a new position in shares of Serve Robotics during the third quarter worth about $38,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Serve Robotics during the 3rd quarter worth approximately $68,000.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.